OShea Inc. issued bonds at a face value of $100,000, a rate of 6%, and a 5-year

Question:

O’Shea Inc. issued bonds at a face value of $100,000, a rate of 6%, and a 5-year term for $98,000. From this information, we know that the market rate of interest was ________.
A. More than 6%
B. Less than 6%
C. Equal to 6%
D. Cannot be determined from the information given.

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